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1. What options does a firm have to spend its free cash flow (after it
has satisfied all interest obligations)?
Reten
er
Caja
reinver
tir
Payout
(distribui
r)
Dividend
os
recomp
ra
a. What will the price per share of EJH be right before the
repurchase?
MK / SO = 1,000 M / 20 M = PRECIO POR ACCION ANTES DE LA
RECOMPRA = $50
b. How many shares will be repurchased?
Distribute $ 100 M / PRECIO ACCION = $ 100 M / 50 = 2M
c. What will the price per share of EJH be right after the
repurchase?
(MK REPURCHASE) / (ACCIONES TOTALES - ACCIONES RECOMPRADAS)
= (1000-100) / (20M/2M) = 50
5 KMS Corporation has assets with a market value of $500 million, $50
million of which are cash it has debt of $200 million, and 10 million
shares outstanding. Assume perfect capital markets.
a. What is its current stock price?
(500 200)/10 = $30
b. If KMS distributes $50 million as a dividend, what will its share
price be after the dividendis paid?
(500 200 - 50)/10 = $25
c. If instead, KMS distributes $50 million as a share repurchase,
what will its share price be once the shares are repurchased?
(500 200 - 50)/(10 50/30) = $30
d. What will its new market debt-equity ratio be after either
transaction?
Para a: D/E = 200/300
Para b: D/E = 200/250
Para c: D/E = 200/250
6. Natsam Corporation has $250 million of excess cash. The firm has
no debt and 500 million shares outstanding with a current market
price of $15 per share. Natsams board has decided to pay out this
cash as a one-time dividend. What is the ex-dividend price of a share
in a perfect capital market?
Market gap = 500 x 15 = 7500
(MG excess cash)/shares outstanding = (7500-250)/500 = $14.50
P=
2 (10.2 )
12
P=
2
=16.7
12
9. Suppose the stock of Host Hotels & Resorts is currently trading for
$20 per share.
a. If Host issued a 20% stock dividend, what will its new share
price be?
Suponemos el nmero de acciones como n = 100
Entonces 20% de acciones divididas 20 acciones adicionales
P=
20 x 100
=16.67 x accin
120
b. If Host does a 3:2 stock split, what will its new share price be?
3:2
P=
20
2
=20 x =13.3 x accin
3
3
2
c. If Host does a 1:3 reverse split, what will its new share price be?
1:3
P=
20
=20 x 3=60 x accin
1
3